UK economy to grow fastest in Europe during 2014

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UK economy to grow fastest in Europe during 2014

News Briefing | Finance

23 December 2013

UK economy to grow fastest in Europe during 2014
Accountancy firm PwC has predicted that Britain will be the fastest-growing economy of any major European nation next year. However, Lib Dem Business Secretary Vince Cable has warned that a ‘raging housing boom’ was under way in London and the South East.
Daily Mail, p. 8

Savings

Victory for Mail on Child Trust Funds
Millions of parents whose young children have a child trust fund will be allowed to transfer the money into a junior Isa. Child Trust Funds were launched by the Labour government more than a decade ago, but they were scrapped and replaced by the Junior Isas when the Coalition came to power. Children with a Child Trust Fund were not allowed to open a Junior Isa and were not allowed to move money from a Child Trust Fund into a Junior Isa. This rule has now been scrapped.
Daily Mail, p. 8
Also appeared in : Daily Mail, p.14

Mortgages & Residential Property

Remortgage lending rockets
New research has revealed that homeowners are freeing up more cash from their properties than ever. Figures show remortgage lending rose to £4.22bn in November – 24% higher than a year ago. Of that, £741m was released as cash with the average homeowner pocketing £26,498 in extra equity, said conveyancing experts LMS. John Wriglesworth, at LMS, said many people made the most of “cash back” deals after their fixed-term mortgages ended.
Daily Express, p. 24
Also appeared in : The Daily Telegraph, p.24

Cable warns of rate rise to halt home sales boom
Vince Cable has warned that the housing boom in London and the South East may have to be doused by a rise in interest rates and a review of the Government’s Help to Buy scheme.
The Daily Telegraph, p. 23
Also appeared in : The Times, p.2, The Sun, p.12

Retail Banking

Cautious banks add to leasing services decline
The number of leasing companies closing for business has jumped by 38 per cent in the past year, dealing a blow to small and medium-sized businesses. The rise was caused in part by banks closing leasing subsidiaries and putting the lease portfolios into “run-off”, under which they continue to manage the existing portfolio.
The Times, p. 41

RBS denies plan to raise pay to beat EU bonus cap
Royal Bank of Scotland has denied it has plans for a “widespread” increase in the base salaries of some of its bankers to get around EU rules on bonuses.
This abstract from the Financial Times was produced by Kantar Media
Financial Times Companies and Markets, p. 14
Also appeared in : Daily Mail, p.47

Banks push High Court lawsuits to five-­year high
Research from Thomson Reuters has shown a surge of litigation has hit the biggest listed companies in Britain as bank disputes push High Court lawsuits to their highest levels in five years.
This abstract from the Financial Times was produced by Kantar Media
Financial Times, p. 2

Whistleblowing tip-­offs soar
Researchers have found that tough regulatory penalties emerging from the Libor scandal have encouraged more people to report potential wrongdoing to financial regulators.
This abstract from the Financial Times was produced by Kantar Media
Financial Times Companies and Markets, p. 13

Suspicious trades up 43%, says FCA
The number of suspicious trades reported to the City regulator has rocketed in the last year, according to official figures.
The Guardian, p. 21

Barristers say ‘no’ and put fraud trials in Jeopardy
The future viability of complex and expensive fraud prosecutions has been thrown into doubt after it emerged that there are not enough barristers prepared to defend alleged fraudsters.
The Times, p. 35

Cash doesn’t grow on trees: seasonal traders must now take cards as well
Focus on the iZettle, a chip and pin machine and how its is changing the way small businesses take payments. The iZettle is a small plastic card reader that clicks into the charging socket of a smartphone or iPad and turns it into a payment terminal. Shoppers type in their PIN or sign on the screen and the payment is processed.
The Times, p. 41

Economic boost is offset by burden of regulation
The recovering economy has been the best news for Britain’s small and medium-sized businesses this year, according to the Forum of Private Business, but the growing burden of regulation and the failure of the banks to increase lending to credit-starved companies have been the bleak spots.
The Times, p. 41

The above articles appeared on 23.12.13. Reproduced with the kind permission of Kantar Media UK. All rights reserved.
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